The real estate sector in Panama has been, in particular, an important factor in the remarkable story of growth in the country. Fifteen years ago, Panama never imagined the amount of skyscrapers and buildings that currently have. Today, this impressive growth in the real estate sector in Panama, has been product of mass housing search of people who have arrived in the country from the United States, Europe and Latin America, leading to Panama to be known as the “Miami of Latin America” or “the Dubai of Latin America”.
Real estate sector in Panama – Gogetit Highlights
* The previous government invested about U.S.$ 15 billion in improvements, including new airports, the first network of subway in Central America (which opened in April 2014) and significant improvement in the water sanitation system and the Bay of Panama.
* A growing number of people from USA, Europe and Latin America are attracted to Panama City for employment opportunities and investment provided by an recognized country with political and economic stability.
* President Juan Carlos Varela is committed to continue aggressive investment in infrastructure, announcing an investment of more than U.S.$ 30 billion on infrastructure projects.
Panama real estate market doesn’t decrease, it does the opposite: Increasing over the years. This is due to, among other factors, Panama is a country with many job opportunities and very low unemployment rate, in addition to a strong economy and a currency like the dollar, which attracts many US citizens.
Increasingly, there are a large number of new residential projects to be inaugurated, thereby adding to the large infrastructure projects in the country such as Panama Subway and the construction of its second and third line; the expansion projects of the Northern Corridor, the Panama Canal expansion project, among others.
According to information published by The Panama Perspective website, an increasing number of US, Europe and Latin America are attracted to Panama City for job opportunities and investment provided by a country with recognized political and economic stability, including the benefits of having the US dollar as its local currency. Consequently, increasingly appears the property, with developments such as hotels, resorts and shopping centers on the rise as companies seek to capitalize on rapid expansion of the tourism sector and growing middle class population of the country.
Luis Campana, president of Cotrans, SA, specialist construction company, explains that “if we examine the economic growth of Panama and also in the country is leading to we have to take a look at the last eight or nine years. During this last period of time, there has been a significant development in many sectors, especially construction and transportation. All this happened due to the real estate sector in Panama boom that has taken place “.
Panama currently has the best rate of housing in Latin America, highlighting the huge advances that have been made in the housing market, due to the effectiveness of the various policies and initiatives aimed at reducing the housing deficit. The country has been constantly creating incentives for the development of housing projects in the poorest sectors.
However, if Panama continues to grow faster than the pace it has set, much higher levels of investment are needed in infrastructure industries and booming population. “We need infrastructure projects to sustain all this economic development, “Bell explains. More roads and specific transport solutions will be needed, in addition to everything related to electricity and water supply. That is, all systems of basic infrastructure required by any developing country.”
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